A.M. Best Affirms Ratings of Solunion Seguros de Credito, Compania Internacional de Seguros y Reaseguros S.A.
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Solunion is the operating holding company of the Solunion group of companies, a 50/50 joint venture established in 2013 between MAPFRE GLOBAL RISKS, Compania Internacional de Seguros y
The ratings reflect Solunion's strategic importance to its joint shareholders as their exclusive writer of trade credit insurance business in
Additional factors underpinning the ratings are Solunion's excellent consolidated risk-adjusted capitalisation, the expectation of profitable, albeit volatile, operating earnings that are highly correlated to the macroeconomic environment and its solid competitive profile.
Solunion maintains excellent consolidated risk-adjusted capitalisation, owing to its large capital base and low net underwriting strategy. The group has significant capital buffers to cushion against the effects of a heightened insolvency environment. Furthermore, a prudent reserving approach, as well as conservative investment and reinsurance strategies, support Solunion's strong balance sheet. In 2015, the group paid a material dividend of
The group's operating performance is improving, with a second year of pre-tax profits that totaled
Solunion's solid competitive profile is enhanced by the excellent business profiles of its highly rated parents. The group is able to leverage the expertise and capabilities of Euler Hermes, a leading global trade credit insurer, whilst accessing
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